Berkley Select Launches ExecCrime Comprehensive Crime Coverage
Berkley Select, a Berkley company, announced the launch of ExecCrime, a new crime insurance solution designed to address the escalating risks of fraud, theft, and social engineering schemes impacting organizations of all sizes and industries.
Available as a standalone policy or as a complement to Berkley Select’s Employment Practices Liability, Directors & Officers, and Fiduciary offerings, ExecCrime provides tailored protection to help businesses recover their assets after an unforeseen incident occurs, such as when computer systems are manipulated to steal funds or when a trusted employee embezzles funds over a period of time.
“Crime-related losses are a significant and rising risk for businesses of all sizes, but particularly for small and mid-sized organizations,” said Chris Zanchelli, Senior Vice President of Management Liability, Berkley Select, noting U.S. businesses lose over $50 billion annually from employee theft, according to the U.S. Chamber of Commerce research. “ExecCrime was developed to provide comprehensive coverage to help policyholders stay resilient against increasingly sophisticated threats.”
Dan Spragg, President of Berkley Select, added, “ExecCrime reflects our commitment to innovation and customer focus. As risks evolve, we continue to expand our portfolio to meet the changing needs of today’s businesses.”
ExecCrime is written on an admitted basis and will be available in 49 states and the District of Columbia, pending regulatory approvals. Coverage limits extend up to $5 million for a wide range of industries, including artisan contractors, hotels, motels, law firms, manufacturers, restaurants, retailers, and wholesale/distribution.
With cyber-enabled fraud and social engineering attacks on the rise, ExecCrime positions Berkley Select as a proactive partner for organizations seeking comprehensive protection in a more digital economy.
The preceding press release was provided by a company unaffiliated with NonProfit PRO. The views expressed within may not directly reflect the thoughts or opinions of the staff of NonProfit PRO.
